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by treating obama's tax the rich philosophy, this obama supporter got an extra $4 million. i say that is hypocrisy. will you join me in condemning the hypocrisy of the superrich? [ laughter ] >> stuart, it is good to be here. i will have to look into that one a little more closely. i think we are getting closer to a deal before christmas. stuart: the bottom line is, i agree with you, by the way, i do not know about a deal before christmas, but i am sure that the president will insist on taxing the rich. it is written law. get out there. the rich will pay more money at the beginning of next year. i think we agree on that. >> that is what he campaigned on. stuart: now, if there is no agreement, the republicans will get the blame, won't they? they rejected this deal. this generous offer. >> there is a plan on the table. it is the fiscal cliff. we will have very large tax increases for everybody. the president has proposed something that would force all of that. can the republicans offer publicly an alternative, either to the fiscal cliff or to what the president is offering. t
by treating obama's tax the rich philosophy, this obama supporter got an extra $4 million. i say that is hypocrisy. will you join me in condemning the hypocrisy of the superrich? [ laughter ] >> stuart, it is good to be here. i will have to look into that one a little more closely. i think we are getting closer to a deal before christmas. stuart: the bottom line is, i agree with you, by the way, i do not know about a deal before christmas, but i am sure that the president will insist on...
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i would say, one, we need to get a better tax code, a much more pro-growth, pro-markets, pro-jobs tax code. we need to encourage economic trade with other countries. i mean really significant economic trade. one of the things i will give president obama credit for is he was able to get through the three free trade agreements that were negotiated by president bush at the end of his term and did not go through congress until president obama did that later on in his term. that's commendable. i'd like to see a lot more of that. the third would be a much more cautious dwrie regulation, the kind of regulation that actually works. more of a cost benefit analysis approach. the fourth is spending control. we jumped from 21% of gdp to 25% of gdp in spending in one year. that means we've been running a 9% deficit each year. we just can't sustain that. even if we increase taxes, if we tax the rich, what we're talking about is adding $900 billion to the debt every year instead of $1 trillion. it's not very long before you're italy under those circumstances pmplgts that's for sure. ed, good to see
i would say, one, we need to get a better tax code, a much more pro-growth, pro-markets, pro-jobs tax code. we need to encourage economic trade with other countries. i mean really significant economic trade. one of the things i will give president obama credit for is he was able to get through the three free trade agreements that were negotiated by president bush at the end of his term and did not go through congress until president obama did that later on in his term. that's commendable. i'd...
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Dec 3, 2012
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there you see the obama offer in terms of what he has put on the table. he would like to see a bunch of new taxes particularly tax 92 creases, $960 billion and the key here is that what the president has offered in all told is $1.6 trillion in new tax revenues and what the speaker countered with today was $800 billion. you can see how far apart the two men are. there is a lot of negotiating to be done between here and there. >> what is your guesstimate on a counter? >> i think we have a counter at some point in the next couple of days. where they go in terms of those numbers i don't know because this would be the first time that either party has to move far off of its talking points. both parties made offers that are basically what the talking points are. now we get to the nitty-gritty. who is willing to show a little leg and compromise. >> quite a metaphor. >> whoa! >> you show a little leg. >> rise above, show a little leg. it's all the same. thank you. >> poor guy he is doing a serious report -- >> and then you guys chime in. >> the "fast money" hounds
there you see the obama offer in terms of what he has put on the table. he would like to see a bunch of new taxes particularly tax 92 creases, $960 billion and the key here is that what the president has offered in all told is $1.6 trillion in new tax revenues and what the speaker countered with today was $800 billion. you can see how far apart the two men are. there is a lot of negotiating to be done between here and there. >> what is your guesstimate on a counter? >> i think we...
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obama irony, same people who claimed bush tax cuts are only for the rich now argue to keep them because they help the poor. and there is this one. my2k should really be somebody else's two k. they can government not to take their money and say take it from someone else. and then there is this one, y2k was caught by programmers failing to limit code 24 places. speed was caused by americans failing to limit obama to four years. back to you. melissa: thank you so much, thanks they want to tweet hash tag bad ideas. thank you, dennis. lori: what is going on? melissa: you haven't been shopping. lori: luxury jeweler not looking very pretty today. the trade at the nyse coming ahead. melissa: is andrew mason the right person to run it groupon? meeting on the troubled company's future. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. now is a good time to think about your options. are you lookin
obama irony, same people who claimed bush tax cuts are only for the rich now argue to keep them because they help the poor. and there is this one. my2k should really be somebody else's two k. they can government not to take their money and say take it from someone else. and then there is this one, y2k was caught by programmers failing to limit code 24 places. speed was caused by americans failing to limit obama to four years. back to you. melissa: thank you so much, thanks they want to tweet...
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they want to raise the marginal tax rates for the upper earners of america. they are willing to allow a deal to lapse rather than have the tax rate rise. connell: maybe there is not a deal taking shape. they could say something like, we will raise these rates, but instead of $250,000, it has to be $500,000 or $1 million. there are ways to play a round with this. >> i think the republicans would lose, frankly, being the majority in the house. if they go ahead and give the president and democrats what they want, speaker banners speakership could be in trouble. dagen: democrats, for the most part, on the social security issue said, no, that is not happening. >> it seems to be the holy grail for the democrats. i do not think they are willing to do it. dagen: you have to get over 500 or something like that. >> i think they are more willing to make a deal on medicare than they would on obamacare. connell: force social security, like you said. dagen: and the president's plan, they want more stimulus spenddng. long-term unemployment benefits. >> these do not work. wh
they want to raise the marginal tax rates for the upper earners of america. they are willing to allow a deal to lapse rather than have the tax rate rise. connell: maybe there is not a deal taking shape. they could say something like, we will raise these rates, but instead of $250,000, it has to be $500,000 or $1 million. there are ways to play a round with this. >> i think the republicans would lose, frankly, being the majority in the house. if they go ahead and give the president and...
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stuart: president obama will not budge on raising tax rates on the rich. speaker boehner responded to that this morning with a very brief statement, almost a bust, saying the president has an obligation to come up with a plan that would pass congress. not much response from the market. in fact zero response from the markets at all. citigroup shares moving this morning. citi announced plans to lay off, cut, 11,000 jobs worldwide. it will save more than a billion dollars in expenses. citi calls the job plan a repositioning of the company. the stock is up 4%. netflix down again after announcing a massive deal with disney that gives netflix exclusive rights to run disney movies first. investors don't like the cost of the deal. 300 million dollars a year. doesn't even begin till 2016. the stock is down. mike reagan is next with a new low -- i'm calling it a new low reached by the california teachers' union. mike reagan is next on that. stuart: you've got to take a look at this video out of california. it's incredible. it is from the teachers' union. >> because
stuart: president obama will not budge on raising tax rates on the rich. speaker boehner responded to that this morning with a very brief statement, almost a bust, saying the president has an obligation to come up with a plan that would pass congress. not much response from the market. in fact zero response from the markets at all. citigroup shares moving this morning. citi announced plans to lay off, cut, 11,000 jobs worldwide. it will save more than a billion dollars in expenses. citi calls...
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president obama wants those tax rates raised. john boehner, he wants fewer deductions, limits on deductions. that's the status quo right now of the discussion there. i want to bring you to the big board because we're going nowhere this tuesday morning on very low volume. back below 13,000. tuesday morning, here's the company: elizabeth macdonald is with us. david asman is with us. and nicole petallides right there on the floor of the new york stock exchange. china, cracking down on money transfers at wynn macau casinos. i guess that wynn stock is going to be down? nicole: you are right. we're seeing the stock down nearly 4% here. this is not good news for them overall. basically china's new leadership cracking down on fast money moving. they are going to set rules where you can't -- restrict the limits on how much money can actually be taken out of the country. there are a lot of new rules that would be put in place. all of it is obviously for responsible gambling, but it seems to be a lot deeper than that. stuart: i've been to t
president obama wants those tax rates raised. john boehner, he wants fewer deductions, limits on deductions. that's the status quo right now of the discussion there. i want to bring you to the big board because we're going nowhere this tuesday morning on very low volume. back below 13,000. tuesday morning, here's the company: elizabeth macdonald is with us. david asman is with us. and nicole petallides right there on the floor of the new york stock exchange. china, cracking down on money...
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Nov 29, 2012
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to discuss middle class tax cuts and the dangers of the fiscal cliff. it is a factory i toured as part of our "how i made my millions" series earlier this year. what is this called? >> just a hopper. >> reporter: intricate creations constructed with a plastic product called k'nex, a build it yourself toy invented by this big kid, joel blickman at the age of 50. >> i really built k'nex for myself. >> reporter: he was so convinced everyone would clamor for the toy, he pitched it to mattel and hasbro. >> what ends up turning out was that none of the toy companies wanted it. >> how do you overcome the rejection? >> you get annoyed, which i did. and decide well, we'll do it ourselves. if they're that dumb, what they know can't be that difficult to learn. >> reporter: they developed their own packaging, started marketing it. at first, they shipped it out to a few local shops. >> and they make those toys all in america. p "power lunch" exclusive, the kroe ceo, michael erickson. why do you think the president chose your factory, your company to make his fiscal
to discuss middle class tax cuts and the dangers of the fiscal cliff. it is a factory i toured as part of our "how i made my millions" series earlier this year. what is this called? >> just a hopper. >> reporter: intricate creations constructed with a plastic product called k'nex, a build it yourself toy invented by this big kid, joel blickman at the age of 50. >> i really built k'nex for myself. >> reporter: he was so convinced everyone would clamor for the...
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hike president obama is pushing. the president is skipping town also for a quick stop in northern virginia. there he will meet with a middle-class family to press congress to protect those making less than $250,000 per year for a tax increase by raising rates on those earning more. the white house demanding a tax rate increase. republicans will agree to increase taxes through eliminating deductions. even if they figure out taxes, democrats and republicans still have to resolve significant differences on entitlements. take a listen. >> it is not even the right thing to do first and foremost. visit the trophy that republicans want? is that what they want to do what is right to raise the rates? speak of the american people want us to fight to cut spending. it is a fight we are happy to have. >> a house aide said president obama and house speaker john boehner spoke on3 the phone yesterday afternoon, their first conversation a week and since republicans offered $800 billion in new tax revenue and more than a trillion doll
hike president obama is pushing. the president is skipping town also for a quick stop in northern virginia. there he will meet with a middle-class family to press congress to protect those making less than $250,000 per year for a tax increase by raising rates on those earning more. the white house demanding a tax rate increase. republicans will agree to increase taxes through eliminating deductions. even if they figure out taxes, democrats and republicans still have to resolve significant...
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people are holding back because they do not know what will happen with their tax rates. as soon as we can get a deal done, frankly, a $4 trillion deal over ten years would do more for job growth, quite honestly, for then anything governor romney or president obama talked about during the campaign. connell: you are really the leader of this. the gang of six and morphed into a bigger group. do you feel as involved now or are you somehow kind of saying to yourself, boy, i do not have a say at all anymore. >> is it that obvious on my face? it is pretty darn frustrating. i have spent two and a half years. there is a large overwhelming majority ready to do their part. i have been in a lot of negotiations over my business career. too many cooks in the kitchen making this. i can tell you this much, there is an awful lot of us who are willing to vote and give ideas to an idea that is big and broad. connell: revenue. we heard from the speaker a moment ago. it did not sound very encouraging. on revenue, you guys were where, just in terms of numbers on revenue? >> well, connell, her
people are holding back because they do not know what will happen with their tax rates. as soon as we can get a deal done, frankly, a $4 trillion deal over ten years would do more for job growth, quite honestly, for then anything governor romney or president obama talked about during the campaign. connell: you are really the leader of this. the gang of six and morphed into a bigger group. do you feel as involved now or are you somehow kind of saying to yourself, boy, i do not have a say at all...
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when we go over the cliff as matter of law the obama tax cuts expire. we have sequestration where these drastic cuts take place but the president politically knows that even if it a deal is made in january, february on spending they can be made retroactively. so the president believes he is in a much better position on spending than he is today in making a deal because any deal that they make will be retroactive. adam: let me flip your logic. do you think politically i don't think it would be good economically, politically good for the republicans to call the bluff, go over the cliff. yes, there is short-term pain come 2014, midterm's election the president's economy. the president gets responsibility for what happens after the cliff drops. wouldn't that be the political move to make if you're john boehner? >> we really have no choice. president is in the driver's seat and boehner is hostage in the back seat with the president with his foot on the gas. nothing the speaker can do, other than perhaps, i think it would be politically wise for the house to
when we go over the cliff as matter of law the obama tax cuts expire. we have sequestration where these drastic cuts take place but the president politically knows that even if it a deal is made in january, february on spending they can be made retroactively. so the president believes he is in a much better position on spending than he is today in making a deal because any deal that they make will be retroactive. adam: let me flip your logic. do you think politically i don't think it would be...
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speaker boehner is giving away too much, the tax hikes, 800 billion, only half of what president obama has on the table. still, too much for republicans to be in favor of. >> we want to solve the problem. i am proud of what speaker boehner is doing. there are 535 members in the house and the senate. we have to solve this problem. what i like about what speaker boehner is doing, he is at the table trying to get this done. connell: you are behind your speaker is basically what i am hearing. >> absolutely. he does not want to raise rates. we have to get serious. what i have not heard from the president any details on how he would actually cut spending. connell: say if the president were to come up and say i am going to cut into medicare, you know, i don't know if they double it, but they come up with a lot more in the medicare cuts, are you prepared to vote for tax increases, first of all, are you prepared to go for higher tax rates at all? >> no. we have to solve this long-term. we have to do some entitlement reform. you will vote for some. >> i rather not do that. i don't think it will
speaker boehner is giving away too much, the tax hikes, 800 billion, only half of what president obama has on the table. still, too much for republicans to be in favor of. >> we want to solve the problem. i am proud of what speaker boehner is doing. there are 535 members in the house and the senate. we have to solve this problem. what i like about what speaker boehner is doing, he is at the table trying to get this done. connell: you are behind your speaker is basically what i am hearing....
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the irs releasing 159 pages of new tax rules, yikes! get the bottom line from emac, liz macdonald ahead. tracy: that is her weekend reading. look at some of the winners and losers on the s&p 500 as we head out to break. nicole petallides mentioned netflix up almost 10%. first solar is a charles payne favorite. darden, the olive garden, down 10%. we'll be right back. want to try to crack it? yeah, th's theay to do it! now we need a little bit more... male announcer ] at humana, we understand the value of quality time and personal attention. which is w we are proud to partner th health care professionals who understand the difference that quality time with ourembersan make... that's a very nice cake! ohh! [ giggle] [ male announcer humana thankthe physicians, nurses, hospitals, pharmacists and other health ofessionals who helped us achieve the highest average starating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result
the irs releasing 159 pages of new tax rules, yikes! get the bottom line from emac, liz macdonald ahead. tracy: that is her weekend reading. look at some of the winners and losers on the s&p 500 as we head out to break. nicole petallides mentioned netflix up almost 10%. first solar is a charles payne favorite. darden, the olive garden, down 10%. we'll be right back. want to try to crack it? yeah, th's theay to do it! now we need a little bit more... male announcer ] at humana, we understand...
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president obama telling business leaders he is cheering for their success. tax hikes for the wealthy saying there will be no deal without tax rate increases. melissa: 11,000 now out of work at citi. slashing jobs taking a billion dollars charge as it repositioned oppositions. charlie gasparino tells us it is even more cuts are on the way. lori: new warnings and ethanol blended gasoline. joining us on whether you should be worried about what you put into your gas tank. let's get up to speed, back the floor of the new york stock exchange and nicole petallides. economic data on the service industry. nicole: looking good, lori and melissa. up 125 points. after two days of selling we are seeing some market action to the upside. we are above the 13,000 mark, well above that. 13,076. the nasdaq squeezing it out. concern for apple, but financials are doing well. let's take a look at the group. laying off 11,000 workers, that is the plan. a new ceo in place and he wants to make his mark. up 6.5%. it is under pressure, nowhere near $700 for the all-time high in septem
president obama telling business leaders he is cheering for their success. tax hikes for the wealthy saying there will be no deal without tax rate increases. melissa: 11,000 now out of work at citi. slashing jobs taking a billion dollars charge as it repositioned oppositions. charlie gasparino tells us it is even more cuts are on the way. lori: new warnings and ethanol blended gasoline. joining us on whether you should be worried about what you put into your gas tank. let's get up to speed,...
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Nov 30, 2012
11/12
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republicans are rejecting president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that su
republicans are rejecting president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >>...
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with the deal that involves raising tax rates president obama is ready over the cliff. joining as well, congresswoman martian blackwell. if given a choice would you take no deal of fall and over the cliff or you take a deal that includes higher tax rates on the rich? >> to raise tax rates on anybody is the wrong step. what we have said for a long time is cut the spending. look at revenue. stuart: i have today on this. would you absolutely positively say no, i will not vote for raising tax rates on the rich. i would rather go over the fiscal cliff. >> i don't want to go over the fiscal cliff, but i am not for raising the tax rates. you are not getting to the heart of the problem. it is continuing to sweep of the rock. stuart: you may come to a point where that is the twisted your facing. if he don't say yes on raising tax rates we will go over the cliff. when the going to do if push comes to shove at the very end of this month. >> and what we're trying to do them all we have been trying to do for years is to not come to this point. had we been addressing the need for a p
with the deal that involves raising tax rates president obama is ready over the cliff. joining as well, congresswoman martian blackwell. if given a choice would you take no deal of fall and over the cliff or you take a deal that includes higher tax rates on the rich? >> to raise tax rates on anybody is the wrong step. what we have said for a long time is cut the spending. look at revenue. stuart: i have today on this. would you absolutely positively say no, i will not vote for raising tax...
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obama has been unequivocal over the fact that the top earners tax rate must return to the clinton era. he can introduce a tax plan that will accomplish all of his revenue goals. that's the rumbling that they are getting ready to cave and make it seem like they are not caving. the republicans are suddenly in control, blah, blah, blah blah blah. so i don't -- i'm getting confused on how the best way is for this to play out. [♪ "world news tonight" theme ♪] >> stephanie: you know president bad for business, jim? corporate profits have hit a record high while wages have hit a record low. corporation earnings are up 18.6% from a year ago. >> thanks to that socialist obama. >> stephanie: wages as a percentage of the economy are at an all-time low as this chart shows. i have a handy dandy chart once again. >> socialist, communist, hip hop barbecue. >> stephanie: thank you, skeeter. let's goo to jerry. >> caller: hey, steph. i was wondering during the fiscal cliff thing they are talking about putting medicare and everything on the block, couldn't they accuse the president of cutting $716
obama has been unequivocal over the fact that the top earners tax rate must return to the clinton era. he can introduce a tax plan that will accomplish all of his revenue goals. that's the rumbling that they are getting ready to cave and make it seem like they are not caving. the republicans are suddenly in control, blah, blah, blah blah blah. so i don't -- i'm getting confused on how the best way is for this to play out. [♪ "world news tonight" theme ♪] >> stephanie: you...
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Dec 6, 2012
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>> it is interesting if you look at the negotiations that president obama offered this massive tax increase with no concessions and this sort of outrageous request on the debt limit which was a really aggressive first offer. and then the republican s countered with a moderate reasonable plan exactly modeled after a proposal by erskine bowles. so if you're trying to handicap the negotiations, you'd have to concede that dana is on to something. >> really. so -- >> at least like the starting point. so basically the starting point for the republicans is what president obama probably would have viewed as a victory if they had the negotiation. >> yeah, he wanted another 400 supposed supposedly. how does simpson-bowles get to -- how does it raise revenue? what's the number that it raises? >> well, it depends because they have a bunch of different simpson-bowles plans. like in the bowles-simpson report, there are three different tax plans and then the thing that the republicans modeled after was something that bowles said in a hearing. >> it's interesting when you look at what these plans are laid
>> it is interesting if you look at the negotiations that president obama offered this massive tax increase with no concessions and this sort of outrageous request on the debt limit which was a really aggressive first offer. and then the republican s countered with a moderate reasonable plan exactly modeled after a proposal by erskine bowles. so if you're trying to handicap the negotiations, you'd have to concede that dana is on to something. >> really. so -- >> at least like...
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Nov 29, 2012
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. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place. one if the public trying to get them behind you. the other is whether you're actually saying to the people you're negotiating with. and when you saw the signal, it was like, okay, maybe they'll get to that, i don't know, 37% or 500,000 or something. what we had been talking about two weeks ago. maybe that's where they're headed. stocks did gain ground on optimism around the idea that we could reach some sort of a deal to overt the fiscal cliff. the dow closing more than 100 points higher after being down by more than that during the session. a swing like that hasn't happened since october 2011. u.s. equity futures
. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place....
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Nov 30, 2012
11/12
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you won't raise taxes and cut spending. neither one of those stimulates growth. it is a matter of how you do it. >> this is why, although obama's proposal did not talk about spending cuts and i wish he had, he talked about stimulus and infrastructure spending as part of his proposal. they will spend some on infrastructure. they are worried about the economy. very anemic in the first half of next year. connell: what do you make of it? >> we do not have a choice. we have to raise revenue. we have to cut spending. we have to get on a more solid path. there will be a cost to it. the other problem is, you know, to your point, when you talk about, let's say you use the word tax reform, what does that mean, they will deal with either the mortgage deduction, the charitable deduction or the state tax deduction. think about how that affects the behavior of individuals. that is all coming down the road. that will come and it talked about exterior. it really affects people's behavior. connell: robert, always great stuff. thank you. we do have a little piece of breaking news
you won't raise taxes and cut spending. neither one of those stimulates growth. it is a matter of how you do it. >> this is why, although obama's proposal did not talk about spending cuts and i wish he had, he talked about stimulus and infrastructure spending as part of his proposal. they will spend some on infrastructure. they are worried about the economy. very anemic in the first half of next year. connell: what do you make of it? >> we do not have a choice. we have to raise...
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white house reporting president obama will take questions on twitter at 2 p.m. eastern time, about the fiscal cliff all part of the white house's my2k twitter campaign w-9 president drumming up support for taxes on the rich. george hw bush in stabbe condition after receiving stream for a bronchitis-related cough. the 88-year-old has been in the hospital for a week receiving treatment visited by several of his children including former president george w. bush. the royal family getting a new member. the st. james' palace saying they are expecting a baby. the queen and members of the both pams are delighted with the news. the duchess is in the very early stages of pregnancy. those are the head lines. >> oh, that's fun. a royal baby. >> yes, thank you, lauren greern. >> sure. >> to charlie, the president must want fat cats to support the plan to end the fiscal cliff impasse. we have the behind the scene meetings between the executives. >> caught a lot of people by surprise. it was last week where deputy secretary of state, tom nides, went to the city, held a series
white house reporting president obama will take questions on twitter at 2 p.m. eastern time, about the fiscal cliff all part of the white house's my2k twitter campaign w-9 president drumming up support for taxes on the rich. george hw bush in stabbe condition after receiving stream for a bronchitis-related cough. the 88-year-old has been in the hospital for a week receiving treatment visited by several of his children including former president george w. bush. the royal family getting a new...
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Dec 5, 2012
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avoiding the fiscal cliff is coming down to taxes. president obama told bloomberg tv yesterday he is willing to be flexible, but there will be no deal unless republicans agree to raise income tax rates on the top 2% of wage earners in america. this week the gop offered a proposal that continues tax breaks for everyone while making cuts to medicare and social security. the president and democrats say the lack of a tax hike on the wealthy is leaving budget talks at an impasse. "60% of americans support asking millionaires to pay slightly more. many republicans feel the same way. the only ones who feel differently are the ones who work in this building. we can't let these negotiations be dictated by the tea party." "we've wasted an enormous amount of time here sparring back and forth in public, and it strikes me it's a good time to get serious about the proposals. traders are keying off market moves for clues about the economy. scott bauer of trading advantage joins us now. scott, what is the gold market telling traders about the prosepe
avoiding the fiscal cliff is coming down to taxes. president obama told bloomberg tv yesterday he is willing to be flexible, but there will be no deal unless republicans agree to raise income tax rates on the top 2% of wage earners in america. this week the gop offered a proposal that continues tax breaks for everyone while making cuts to medicare and social security. the president and democrats say the lack of a tax hike on the wealthy is leaving budget talks at an impasse. "60% of...
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Dec 6, 2012
12/12
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the long-term consequences of president obama's tax policies would have a profound and negative affect. capital stock would be dollar -- would fall. fewer jobs and lower wages resulting in higher taxes would harm the middle class. data reveals three important facts of high income earners. the taxes on the wealthy raise as much faster than on everyone else during economic booms, but they also fall much faster during economic bust. people bit more income when tax rates are low and not when they are -- report more income when tax rates are low and not when they are high. there are better ways to increase federal revenues than hiking tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dol
the long-term consequences of president obama's tax policies would have a profound and negative affect. capital stock would be dollar -- would fall. fewer jobs and lower wages resulting in higher taxes would harm the middle class. data reveals three important facts of high income earners. the taxes on the wealthy raise as much faster than on everyone else during economic booms, but they also fall much faster during economic bust. people bit more income when tax rates are low and not when they...
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Dec 6, 2012
12/12
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president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's going to affect your spending, your lifestyles, or the economy in any significant way. let's make sure that 98% of americans don't see it -- a single dime in tax increases next year. >> so, john boehner, the speaker for the republican party in this partisan fight is saying, he's already socking it to the rich. he's willing to raise their taxes in various forms but just not the rate. isn't he agreeing in principle to the president's argument of fairness? isn't he in a weaker position to deny a rate change? governor? >> sure he is, chris. number one, he hasn't specified
president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's...
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Dec 1, 2012
12/12
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. >> obama came to the table with 1.6 trillion in tax increases and no spending cuts. he seems very confident he can bum rush them into a bad deal. i think that's because there's a sense out there, probably from the last two times these guys tangled, that the republicans are unwilling to in this case to allow themselves to go over the cliff. if you're in a negotiation where your opponent knows that you're unwilling to have that kind of aout come then they've got you right where they want you. i feel like obama thinks he's got the republicans right where he wants them. >> senator hutchson, the republicans were on the short end of the election to be sure. the point i'm making, your leader, senator mcconnell, came out with a pretty good reform planned to regarding medicare for example. i thought that was a very sensible entitlement reform. then he said we can talk revenues. why can't the gop go down that road, get house speaker boehner on there and see how white house reacts to this? >> i think mitch is doing that. as you know, i have a social security reform proposal tha
. >> obama came to the table with 1.6 trillion in tax increases and no spending cuts. he seems very confident he can bum rush them into a bad deal. i think that's because there's a sense out there, probably from the last two times these guys tangled, that the republicans are unwilling to in this case to allow themselves to go over the cliff. if you're in a negotiation where your opponent knows that you're unwilling to have that kind of aout come then they've got you right where they want...
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Dec 6, 2012
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to bial theail them as far as obama taxing the rich, you notice he does not touch entitlements. most of the rich is going to get off on tax breaks so there will only be certain rich that will be taxed. host: from "the hill" this morning -- 40 something republican senators sent a letter to the president yesterday. they conclude by saying -- again, this is 40 something republican senators, a letter to the president yesterday. back to your calls on the future for an the rodham clinton. this is a democrat from ohio. caller: i am fine tha, thank yo. i think if we get through these next four years, hillary clinton would make a good candidate and a good president for our country. i think she would move the country continuously. she knows a lot about the foreign affairs. i think she would be a good candidate. host: thank you for calling in this morning. caller: i am still wondering what happened to all that money they found when they went in over to iraq. could you please get me an answer to that question? host: probably not in the next 30 seconds but that is a good question that you ha
to bial theail them as far as obama taxing the rich, you notice he does not touch entitlements. most of the rich is going to get off on tax breaks so there will only be certain rich that will be taxed. host: from "the hill" this morning -- 40 something republican senators sent a letter to the president yesterday. they conclude by saying -- again, this is 40 something republican senators, a letter to the president yesterday. back to your calls on the future for an the rodham clinton....
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Dec 7, 2012
12/12
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president obama and democrats are ripping him for resisting tax hikes on the rich. boehner's own party is giving him a hard time for not resisting hard enough. chief political correspondent carl cam has a deeper look at -- carl cameron has a deeper look at that story. >> john boehner is trying to stave off conservative rebellion in the ranks. his proposal to steer clear of the fiscal cliff raising tax revenue $800 billion closing the loopholes outraged antitax conservatives. when the speaker removed the conserve priv key committees in the past, the battle began. >> $800 billion over ten years and that looks like it would be a tax increase to me. 238 republicans, myself included, took a pledge not to raise taxes. they want to send a message to me to send a message to others. that we are not going to tolerate people who are interested in doing what is right. we want to play the same old game. if you try to disrupt that, we will knock you off a committee. >> for refusing to tow the leadership line, two conservatives were tossed off the house budget committee and david
president obama and democrats are ripping him for resisting tax hikes on the rich. boehner's own party is giving him a hard time for not resisting hard enough. chief political correspondent carl cam has a deeper look at -- carl cameron has a deeper look at that story. >> john boehner is trying to stave off conservative rebellion in the ranks. his proposal to steer clear of the fiscal cliff raising tax revenue $800 billion closing the loopholes outraged antitax conservatives. when the...
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president obama spent his afternoon in northern virginia again pushing his case for raising taxes on families earning more than $250,000 a year. >> i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%, but i do remain optimistic that we can get something done that is good for families like this one and that is good for the american economy. >> so i think it's safe to say at this point that the president actually isn't interested in a balanced agreement, he's not particularly interested in avoiding the fiscal cliff, and he's clearly not interested at all in cutting any spending. >> reporter: while democrats and republicans debate the size and specifics on tax increases, the two sides also remain apart on spending cuts, reforming entitlement programs like medicare and on the president's request to have greater power to raise the country's debt limit. but the news coming out of this one, "wall street journal" headlines saying that staff members from the president's team and from speaker boehner's team are genre assuming talks. we con
president obama spent his afternoon in northern virginia again pushing his case for raising taxes on families earning more than $250,000 a year. >> i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%, but i do remain optimistic that we can get something done that is good for families like this one and that is good for the american economy. >> so i think it's safe to say at this point that the president actually isn't interested...
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Dec 4, 2012
12/12
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noticeably missing: the higher taxes on high-wage earners which president obama has insisted on. the white house responded, saying "the g.o.p. proposal does not meet the test of balance. in fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill." it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief in
noticeably missing: the higher taxes on high-wage earners which president obama has insisted on. the white house responded, saying "the g.o.p. proposal does not meet the test of balance. in fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill." it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit...
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Nov 29, 2012
11/12
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president obama is upping the ante in the delicate fiscal of talk. confirming today the white house making no concessions with republicans and taking a hard line on new taxes. the latest proposal includes over one half trillion dollars tax increase, double the republicans want, and it wanted up-front. also $50 billion in new stimulus spending. they want to raise the federal debt limit without congressional approval. no spending let's. the brakes are off. with more on this, the ag holds 18, president of american action far and former cbo director. welcome to you both. i just want to mention a couple of other things that are in this proposal which frankly shocked me. the payroll tax break continues. we have bipartisan agreement that it would expire. and then a permanent increase in the debt limit. we said that. a one-year extension of expanded jobless benefits. the list goes on and on. it's like a christmas tree. >> i think it's very unfortunate there was a moment not too long ago when we thought there was a fair amount of consensus of apparel taxol th
president obama is upping the ante in the delicate fiscal of talk. confirming today the white house making no concessions with republicans and taking a hard line on new taxes. the latest proposal includes over one half trillion dollars tax increase, double the republicans want, and it wanted up-front. also $50 billion in new stimulus spending. they want to raise the federal debt limit without congressional approval. no spending let's. the brakes are off. with more on this, the ag holds 18,...
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and boehner on tax policy as though this was the issue that was going to solve the u.s. economy's problems or the u.s. government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred seventy five so he just finished a book on the american revolution many more economic factors playing a role there than what we maybe are taught in grade school here in the u.s. so we looked at what the lessons are today looking at the. current economic problems and monetary problems and got his perspective a perspective he says that politicians are not likely to have he says they don't read history books but you know what we are giving them a clip notes just in cas
and boehner on tax policy as though this was the issue that was going to solve the u.s. economy's problems or the u.s. government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the...
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Dec 7, 2012
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tax rate? he raises the tax rate in order to spend. seems to me that taxing and spending is his mantra, just like the east european mantra and the california and new york -- why would you want to raise the tax rate $1.6 trillion if youp didn didn't want to spe? that's a big number. >> it is. jared bernstein was in "the new york times" complaining about the tax cutting in this country over the past 30 years. and jared says, we've gutted the tax code, we're just not getting enough revenue for all the spending we want. >> i would gut the tax code of all its special deductions and loopholes and whatnot and take the rate down to about 15%. i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one a
tax rate? he raises the tax rate in order to spend. seems to me that taxing and spending is his mantra, just like the east european mantra and the california and new york -- why would you want to raise the tax rate $1.6 trillion if youp didn didn't want to spe? that's a big number. >> it is. jared bernstein was in "the new york times" complaining about the tax cutting in this country over the past 30 years. and jared says, we've gutted the tax code, we're just not getting enough...
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Dec 4, 2012
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and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though, when we look at these numbers, are we that far apart in. >> i think they are definitely rather far aare part at this moment in time. yeah, absolutely. >> so there are so many ways that any of this could affect the average tack payer, obviously if taxes go up. but what about funding to states and localities. i know that one of the things that they are concerned about is that when you make cuts, that essentially those cuts are going to come on their budgets. what could happen in a meeting like this between bipartisan governors and the president? >
and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way...
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Dec 1, 2012
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i'm not quite as sanguine as you are with obama care and the tax rates going up and also the big burden of the debt. but you know, republicans have to have a growth message. and i just don't think they articulated dmind of alternative. david is right. all they talked about was obama's policies aren't working. but if you ask americans today what are republicans for, they don't have a solution. republicans have to talk about choice. charter schools, vouchers, anything that give minorities more opportunities. >> david? >> look, i'm in favor of the republicans being a low tax party. here's the danger. when republicans say taxes, they mean income taxes. 80% of americans now pay more in payroll taxes than they pay in income taxes. payroll taxes will go up at the end of the year. the payroll tax holiday will end. that's a big tax increase for everybody. 80% of americans pay more. and where is the republican plan to hold the line on those people? if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter th
i'm not quite as sanguine as you are with obama care and the tax rates going up and also the big burden of the debt. but you know, republicans have to have a growth message. and i just don't think they articulated dmind of alternative. david is right. all they talked about was obama's policies aren't working. but if you ask americans today what are republicans for, they don't have a solution. republicans have to talk about choice. charter schools, vouchers, anything that give minorities more...
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Dec 3, 2012
12/12
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, obama wants to give us the bad part of europe, without the good part. >>neil: thank you very much. they are not cutting anything. just slowing the growth. rebound and former president bill clinton hitting the links. this is a photo from last year. what we don't know what was said teen them this year my guest homes the former president was critiquing more than just his successor's swing. art laffer was the top reagan economic adviser and you voted twice for bill clinton because his prosecutor mix of taxes. explain that? >>guest: yes i sure did. but for the raise hikes at top end, he cut taxes on the working people between ages of 65 and 72. he cut taxes on trade and products. he cut government spending as a share g.d.p. dramatically and he cut the capital gains tax rate and butt in welfare reform. what do you want from a president that bill clinton did not deliver? he was a great president. >>neil: the investment taxes was that concurrent with what was going on in the income tax hike front? >>guest: no. it was not. the capital gains tax reduction which h
, obama wants to give us the bad part of europe, without the good part. >>neil: thank you very much. they are not cutting anything. just slowing the growth. rebound and former president bill clinton hitting the links. this is a photo from last year. what we don't know what was said teen them this year my guest homes the former president was critiquing more than just his successor's swing. art laffer was the top reagan economic adviser and you voted twice for bill clinton because his...
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Nov 30, 2012
11/12
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president obama remarkably consistent in his intent to raise taxes on the top 2% of taxpayers. half of those are small-business men and women. the entire election season, he did say a number of times since being reelected, and he's not backing off. the president and his baath insist on higher taxes for the so-called wealthy. remarkably, republicans seem surprised by secretary geithner. chief correspondent ed henry with our report. reporter: optimism faded as timothy geithner let the republicans to declare the talks are going nowhere. >> i'm disappointed. i'm disappointed in where we are and what has happened over the last couple of weeks. i'm here trying to seriously resolve it. and i would hope the white house would get to it as well. reporter: a key driver is that the president announced that spending cuts can wait. >> it would give us more time the next year to work together on a comprehensive plan to bring down the deficit. jay carney broke new ground by declaring that the president does on spending cuts within the budget plan to be included in the fiscal cliff talks. >> ca
president obama remarkably consistent in his intent to raise taxes on the top 2% of taxpayers. half of those are small-business men and women. the entire election season, he did say a number of times since being reelected, and he's not backing off. the president and his baath insist on higher taxes for the so-called wealthy. remarkably, republicans seem surprised by secretary geithner. chief correspondent ed henry with our report. reporter: optimism faded as timothy geithner let the republicans...
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Dec 7, 2012
12/12
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the long-term consequences of president obama's tax policies would have a profound and negative affect. capital stock would fall. fewer jobs and lower wages resulting in higher taxes would harm the middle class. data reveals three important facts of high income earners. the taxes on the wealthy raise as much faster than on everyone else during economic booms, but they also fall much faster during economic bust. people report more income when tax rates are low and not when they are high. there are better ways to increase federal revenues than hiking tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the deficit that would have fallen. still bad, but remark
the long-term consequences of president obama's tax policies would have a profound and negative affect. capital stock would fall. fewer jobs and lower wages resulting in higher taxes would harm the middle class. data reveals three important facts of high income earners. the taxes on the wealthy raise as much faster than on everyone else during economic booms, but they also fall much faster during economic bust. people report more income when tax rates are low and not when they are high. there...
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Dec 6, 2012
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. >> that is president obama and the democrats to save you for being higher taxes. >> this fiscal cliff thing, the problem with the republicans larry, is that they have been boxed in by the democrats into a difficult position where the polls confirm that the public in america believe that the reason that president obama is going to win the debate that if he goes over, that they are going to save the backsides of the wealthy 2% of americans. i probably shouldn't but i do. >> with which i agree but i think the risk here for the gop is that they become the party of rich people. and i think you saw that in the election. i don't think that is their intent. i think their intent is quite sound. >> they are becoming the party of rich white older men. you can't think of any other section of the community right now thinking the republican party is for me. >> i think that is why the politics of this make it possible to go over the cliff. i think the democrats see if we go over the cliff the republicans get blamed. meanwhile. i think the republicans worry about bei ining blamed by a pri contender w
. >> that is president obama and the democrats to save you for being higher taxes. >> this fiscal cliff thing, the problem with the republicans larry, is that they have been boxed in by the democrats into a difficult position where the polls confirm that the public in america believe that the reason that president obama is going to win the debate that if he goes over, that they are going to save the backsides of the wealthy 2% of americans. i probably shouldn't but i do. >>...
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Nov 30, 2012
11/12
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plus president obama will take his case for tax hikes on the wealthy to the american people today as the war of words between democrats and republicans over the fiscal cliff heats up. >>> the trading session sitting roughly flat on the stoxx 600. decliners and advancers about even this morning. markets are trying to digest these comments from draghi. first, let's take a look at the bourses. s it is the last trading day of the month. just one left to go in this extraordinary 2012. ibex 35 appropriately enough is ending in the red today. other indexes showing a little bit of a rise here. we've seen spanish and italian debt come in sharply and the yields falling today. we saw the euro-dollar adding almost 0.3%s this morning. dollar-yen up two thirds of a percent in the light of perhaps japan may be getting moring a yes, sir sif on st ing a grefs saggressive on stim. let's get over to deidre wang morr morris. >> yes, the japanese data was good, but also the economy still stuck in deflation. hang seng down half a percent. we had pic stay in focus, not listed yet, but supposed to ipo on de
plus president obama will take his case for tax hikes on the wealthy to the american people today as the war of words between democrats and republicans over the fiscal cliff heats up. >>> the trading session sitting roughly flat on the stoxx 600. decliners and advancers about even this morning. markets are trying to digest these comments from draghi. first, let's take a look at the bourses. s it is the last trading day of the month. just one left to go in this extraordinary 2012. ibex...
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Dec 5, 2012
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. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to catch a liv
. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer...